Presence Networks secure £250,000
The company, which began developing its products six-years-ago, are targeting businesses that may benefit from having real time communications with staff, clients and suppliers.
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The company believe they are operating in a growing market that currently has around 42m users and which could rise as high as 63m by 2008, as the use of VoIP spreads.
However, the company says that many networks currently being used by businesses are insecure and that its product is suitable for sending commercially sensitive information.
Presence Networks’ products are marketed via a network of resellers and the company also offers its services under a white label allowing its vendors to sell the product under their own brand.
The company plans to use the funding to develop its sales and marketing teams and boost its presence in the market.
Coinciding with the deal, two new non-executive directors, John Pocock and Philip Jolowicz, have been appointed to the company’s board.
Symon Blomfield, the company’s chief executive, said: “I am delighted that John will be our new company chairman.
“He brings a huge amount of experience in the IT industry, not least from his time as chief executive officer of Druid plc.
“Also, Philip’s City and legal experience, which includes positions such as corporate broker for Banque Paribas and General Counsel for Merill Lynch’s European institutional activities, will be invaluable as the company develops.”
The Capital Fund, a £50 million venture capital fund that invests in fast growth companies in Greater London.
© Crimson Business Ltd. 2007
